(1) In general.— An operating agreement under this chapter shall require, subject to the availability of appropriations, that the Secretary make a payment each fiscal year to the contractor in accordance with section
53106.

(2) Operating agreement is obligation of united states government.— An operating agreement under this chapter constitutes a contractual obligation of the United States Government to pay the amounts provided for in the agreement to the extent of actual appropriations.

(c) Documentation Requirement.— Each vessel covered by an operating agreement (including an agreement terminated under section
53104(c)(2)) shall remain documented under chapter
121 of this title, until the date the operating agreement would terminate according to its terms.

(d) National Security Requirements.—

(1) In general.— A contractor with respect to an operating agreement (including an agreement terminated under section
53104(c)(2)) shall continue to be bound by the provisions of section
53107 until the date the operating agreement would terminate according to its terms.

(2) Emergency preparedness agreement.— All terms and conditions of an Emergency Preparedness Agreement entered into under section
53107 shall remain in effect until the date the operating agreement would terminate according to its terms, except that the terms of such Emergency Preparedness Agreement may be modified by the mutual consent of the contractor, the Secretary of Transportation, and the Secretary of Defense.

(e) Transfer of Operating Agreements.— A contractor under an operating agreement may transfer the agreement (including all rights and obligations under the operating agreement) to any person that is eligible to enter into the operating agreement under this chapter if the Secretary and the Secretary of Defense determine that the transfer is in the best interests of the United States. A transaction shall not be considered a transfer of an operating agreement if the same legal entity with the same vessels remains the contracting party under the operating agreement.

(f) Replacement Vessels.— A contractor may replace a vessel under an operating agreement with another vessel that is eligible to be included in the Fleet under section
53102(b), if the Secretary, in conjunction with the Secretary of Defense, approves the replacement of the vessel.

Subsec. (f). Pub. L. 112–239, § 3508(e)(2), amended subsec. (f) generally. Prior to amendment, text read as follows: “A contractor may replace a vessel under an operating agreement with another vessel that is eligible to be included in the Fleet under section
53102(b), if the Secretary, in conjunction with the Secretary of Defense, approves replacement of the vessel.”